El Salvador continues to deepen its commitment to Bitcoin, increasing daily cryptocurrency purchases under the leadership of President Nayib Bukele.
New Bitcoin Purchase Plans
President's senior Bitcoin advisor, Max Keiser, revealed plans to acquire an additional 20,000 BTC as a medium-term goal. Today, the country added 11 BTC worth approximately $1.06 million, bringing its total holdings to 5,994 BTC worth over $580 million.
IMF Conditions and Restrictions
El Salvador continues its BTC acquisition strategy while adhering to conditions set by the International Monetary Fund. Under the agreement, private sector BTC use is voluntary, and taxes can only be paid in US dollars. For the public sector, Bitcoin-related economic activities and purchases will be restricted, but specific details about these restrictions have not been disclosed.
Risks and Prospects
Since making Bitcoin its official currency in September 2021, the IMF has repeatedly warned about the risks associated with such a volatile asset. Despite this, President Bukele's administration has reinforced its belief in Bitcoin as a long-term investment and financial inclusion tool.
El Salvador continues to pursue its strategy of increasing Bitcoin reserves, despite IMF warnings, highlighting the country's commitment to cryptocurrency as a tool for long-term financial development.
